The assignment of a contract occurs when one party to the contract (the assignor) transfers its rights and responsibilities under the contract to another person or entity (the assignee)—usually someone who was not a party to the original contract.

Contracts often include a paragraph or clause near the end of the agreement that addresses whether the parties may assign the contract.

In Nevada, the assignment of a contract is generally permissible unless the contract itself prohibits it or if the assignment would significantly change the obligations of the other party. Nevada law recognizes the right to assign contracts, and this is a common practice in various types of agreements, including leases, business contracts, and service agreements. The clause in a contract that addresses the ability to assign it is known as an 'assignment clause.' This clause may either allow for free assignment, prohibit assignment altogether, or require the other party's consent before an assignment can be made. It is important to review the specific terms of the contract to understand the rights and limitations regarding assignment. If an assignment is allowed, the assignor transfers both the benefits and the obligations of the contract to the assignee, who then becomes responsible for fulfilling the terms of the contract. However, unless the other original party to the contract agrees to release the assignor from liability, the assignor may still be liable if the assignee fails to perform under the contract.